Common use of Option to Purchase Unimproved Land Clause in Contracts

Option to Purchase Unimproved Land. If no Event of Default under this Lease shall have occurred and then be continuing, the Lessee shall have, and is hereby granted, the option to purchase any part of the Leased Premises on which neither the Building nor any of the Leased Equipment is situated (although transportation or utility facilities may be located thereon), at any time following the Completion Date and from time to time thereafter, at and for a purchase price of One Dollar ($1.00), provided that the Lessee furnishes the Lessor with the following: (a) a notice in writing containing (i) an adequate legal description of that portion of the Leased Premises with respect to which such option is to be exercised, and (ii) a statement that the Lessee intends to exercise its option to purchase such portion of the Leased Premises on a dated stated, which shall not be less than thirty (30) days nor more than one hundred twenty (120) days from the date of such notice, (b) a certificate of the Lessee to the effect that neither the Building nor the Leased Equipment are located on the portion of the Leased Premises with respect to which the option is to be exercised, accompanied by a plat of survey of the Leased Premises certified by a registered surveyor of the State, depicting (i) the boundaries of the portion of the Leased Premises with respect to which the option is to be exercised, (ii) all improvements located on the property surveyed and the relation of the improvements by distances to the boundaries of the portion of such property with respect to which the option is to be exercised, and (iii) all easements and rights of way with recording data and instruments establishing the same, and (c) an amount of money equal to the purchase price computed as provided in this Section, to be deposited with the Lessor.

Option to Purchase Unimproved Land. If no Event In addition to the provisions of Default under this Lease shall have occurred and then be continuingSection 8.6 hereof, the Lessee shall have, and is hereby granted, the granted an option to purchase any part unimproved portion of the Leased Premises Land (on which neither the Building nor or any of the Leased Equipment is situated (although located but on which parking, transportation or utility facilities may be located thereon), located) at any time following the Completion Date and from time to time thereaftertime, prior to Payment in Full of the Bonds, at and for a purchase price of One Dollar equal to twenty-five dollars ($1.00)25) per acre for the portion of the Leased Land to be purchased, provided that the Lessee it furnishes the Lessor Issuer with the following: (a) a A notice in writing containing (i) an adequate legal description of that portion of the Leased Premises Land with respect to which such option is to be exercised, and (ii) a statement that the Lessee intends to exercise its option to purchase such portion of the Leased Premises Land on a dated date stated, which shall not be less than thirty (30) days nor more than one hundred twenty ninety (12090) days from the date of such notice,, and (iii) a statement that the use to which it is intended that such portion of, or interest in, the Leased Land is to be devoted will promote the continued purpose of the Project (b) a certificate of the an Authorized Lessee Representative, dated not more than ninety (90) days prior to the effect that neither date of the Building nor purchase and stating that, in the opinion of the person signing such certificate, (i) the portion of, or interest in, the Leased Equipment are located on the portion of the Leased Premises Land with respect to which the option is to be exercised, accompanied by a plat of survey exercised is not needed for the operation of the Leased Premises certified by a registered surveyor of Project for the Statepurpose hereinabove stated or that sufficient right and title is reserved to the Issuer to fulfill said needs, depicting (i) the boundaries of the portion of the Leased Premises with respect to which the option is to be exercised, and (ii) all improvements located on the property surveyed and purchase will not impair the relation usefulness of the improvements by distances to Building for the boundaries intended purpose of the portion Project and will not destroy the means of such property with respect to which the option is to be exercised, ingress thereto and (iii) all easements and rights of way with recording data and instruments establishing the same, egress therefrom; and (c) an An amount of money equal to the purchase price computed as provided in this Section. The Issuer agrees that upon receipt of the notice, certificate and money required in this Section to be deposited furnished to it by the Lessee, the Issuer will promptly deliver the same to the Trustee for deposit in the Bond Fund, and secure from the Trustee a release from this Lease of such portion of the Leased Land with respect to which the LessorLessee shall have exercised the option granted to it in this Section, subject to any right and title reserved to the Issuer. In the event the Lessee shall exercise the option granted to it under this Section the Lessee shall not be entitled to any abatement or diminution of the rents payable under Section 5.3 hereof. Subsequent to Payment in Full of the Bonds, the Lessee shall have, and is hereby granted an option to purchase any unimproved portion of the Leased Land at a purchase price equal to one dollar ($1.00) per acre with respect to the portion of the Leased Land to be purchased. The Issuer agrees that upon receipt of the money required herein to be furnished it by the Lessee, the Issuer will promptly release such portion of the Leased Land with respect to which the Lessee shall have exercised the option granted to it herein.

Option to Purchase Unimproved Land. If no Event of Default exists under this Lease shall have occurred and then be continuingAgreement, the Lessee shall have, and is hereby granted, the option to purchase any part of the Leased Premises Land (i) on which neither the Building nor any of the Leased Equipment a building or other fixed improvement is situated located (although but upon which public transportation or public utility facilities may be located thereonlocated) and (ii) all boundaries of which are not less than ten feet from the nearest such building or other fixed improvement (other than public transportation or public utility facilities), at any time following the Completion Date and from time to time thereafter, at and for a the purchase price of One Dollar ($1.00)890 per acre, provided that upon furnishing the Lessee furnishes Trustee and the Lessor with the followingBoard: (a) a notice in writing containing Lessee Certificate showing (i) an adequate legal description of that portion of the Leased Premises with respect to which such option is to be exercised, and (ii) a statement that the Lessee intends to exercise its option to purchase such portion of the Leased Premises Land, (ii) that the Lessee will exercise such option on a dated stated, the date specified therein (which shall not be less than thirty (30) days 45 nor more than one hundred twenty (120) 90 days from the date of such notice,) and (iii) the purpose for which such portion of the Leased Land is being purchased will be in furtherance of the Financing Act; (b) a Lessee Certificate stating that no Default exists under this Agreement; (c) a certificate signed by an Independent Engineer, dated not more than 30 days prior to the date of the Lessee to the effect purchase, and stating that neither the Building nor the Leased Equipment are located on the (i) such portion of the Leased Premises with respect to Land is not needed for the operation of the Project for the purposes for which the option is it was designed to be exercisedused or most recently modified, accompanied by a plat of survey of the Leased Premises certified by a registered surveyor of the State, depicting (i) the boundaries of the portion of the Leased Premises with respect to which the option is to be exercised, and (ii) all improvements located on such purchase will not impair the property surveyed and the relation usefulness of the improvements by distances to Project as a manufacturing plant and will not impair the boundaries means of the portion of such property with respect to which the option is to be exercised, ingress thereto and (iii) all easements and rights of way with recording data and instruments establishing the same, egrees therefrom; and (cd) an amount of money equal to the purchase price computed as provided which shall be deposited by the Trustee in the Project Fund for application in accordance with Section 7.3 of the Indenture. The provisions of the first, second and third paragraphs of Section 8.8 shall be applicable to the purchase under this Section, but only with respect to such portion of the Leased Land. If such option relates to Leased Land on which transportation or utility facilities are located, the Board shall retain an easement to use such transportation or utility facilities to the extent necessary for the efficient operation of the Project. Notwithstanding the limitation upon the Lessee's option to purchase part of the Leased Land set forth in clause (ii) of the first sentence of this Section 8.5, the Lessee shall be deposited with entitled to purchase a part of the LessorLeased Land which has a boundary which is contiguous to a wall of a building located on the Leased land if such part of the Leased Land is being purchased by the Lessee for the purpose of constructing thereon an addition to such building, provided, however, that such purchase shall in all other respects conform to the requirements of this Section 8.5 and provide for equitable sharing of maintenance if there is not common control by the Lessee. The Lessee and the Board agree that all walls presently standing or hereafter erected on or contiguous to the boundary line of the portion of the Leased Land so purchased shall be party walls and each party grants the other a 10-foot easement adjacent to any such party wall for the purpose of inspection, maintenance, repair and replacement thereof and the tying-in of new construction. If the Lessee utilizes any party wall for the purpose of tying-in construction that will be utilized In the event the Lessee shall exercise such option, it shall not be entitled to any set-off, counterclaim, abatement or reduction of the Basic Rent, Additional Rent or other sums payable by the Lessee hereunder other than is provided in Section 7.3 of the Indenture.

Option to Purchase Unimproved Land. If no Event Prior to payment in full of Default under this Lease shall have occurred and then be continuingthe Bonds, the Lessee shall have, and is hereby granted, the option to purchase any Unimproved part of the Leased Premises on which neither the Building nor any of the Leased Equipment is situated (although transportation or utility facilities may be located thereon), Land at any time following the Completion Date time, and from time to time thereaftertime, at and for a purchase price of One Dollar ($1.00), equal to the fair market value thereof provided that the Lessee it furnishes the Lessor with the following: (a) a A notice in writing containing setting forth (i) an adequate legal description of that portion of the Leased Premises Land with respect to which such option is to be exercised, and (ii) a statement that the Lessee intends to exercise its option to purchase such portion of the Leased Premises Land on a dated date stated, which shall not be less than thirty forty-five (30) days 45), nor more than one hundred twenty ninety (12090) days from the date of such notice,, and (iii) a statement that the use to which such portion of the Leased Land will be devoted will be in furtherance of the purpose for which the Lessor was organized; (b) a A certificate of the Lessee an Independent Engineer acceptable to the effect that neither Trustee, dated no more than ninety (90) days prior to the Building nor date of the Leased Equipment are located on purchase, stating that, in the opinion of the person signing such certificate, (i) the portion of the Leased Premises Land with respect to which the option is to be exercised, accompanied by a plat of survey exercised is not needed for the operation of the Leased Premises certified by a registered surveyor of Project for the Statepurposes hereinabove stated, depicting (i) the boundaries of the portion of the Leased Premises with respect to which the option is to be exercised, and (ii) all improvements located on the property surveyed and purchase will not impair the relation usefulness of the improvements by distances to Building and will not destroy the boundaries means of the portion of such property with respect to which the option is to be exercised, ingress thereto and (iii) all easements and rights of way with recording data and instruments establishing the same, andegress therefrom; (c) an The written consent of the Trustee and the Bank; and (d) An amount of money equal to the purchase price computed fair market value of the real property to be purchased or as provided agreed. Upon receipt of the notice, certificate and money required in this Section, section to be deposited furnished to it by the Lessee, the Lessor will promptly deliver the same to the Trustee, will cause the Trustee to apply said money as a partial redemption of the Bonds in accordance with the Lessorterms of the Indenture and will secure from the Trustee a release from the security interest afforded by the terms of the Indenture of such portion of the Leased Land with respect to which the Lessee shall have exercised the option granted in this section. In the event the Lessee shall exercise such option, the Lessee shall not be entitled to any abatement or diminution of the amounts payable under Section 5.3 hereof. The Lessee may, at the Lessee's own expense, connect utility and other similar facilities serving the Project to utility and other similar facilities serving real property adjacent to or near the Leased Land, or partly on such adjacent real property and partly on the Leased Land, but only if the Lessee furnishes the Lessor and the Trustee a certificate by an Independent Engineer who is acceptable to the Trustee, certifying that such connection of utility or other similar facilities will not unreasonably interfere with the use of the Project.